Seoul Summit Destined to be the Siege of the United States
- By Himfr Tian
- Published 01/14/2012
- Business
- Unrated
Himfr Tian
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The outside world had hoped the Group of Twenty (G20) summit in Seoul in the exchange rate to some extent settled disputes, and promote long-term stable global economic recovery, but the Federal Reserve last week launched the second round of quantitative easing (QE2) fear that such expectations will nothing. The summit in Seoul as a mechanism for G20 summit last year a two, I am afraid it will become the battlefield of the U.S. siege of G19 is currently little sign that the summit can be reached in a meaningful consensus.
Quantitative easing monetary policy, this round of the United States will certainly be a negative impact on emerging markets, including China, will lead to emerging economies and cause prices of imported goods inflation, this effect will become more apparent in the future; Russia has also stated publicly, the United States QE2 dissatisfied; and British Prime Minister David Cameron at the summit on the eve of high-profile visit to China, but also to the outside world trying to seek consensus forecast position of the two countries.
In fact, the summit has not yet convened, including China, Brazil, South Africa, Russia, the Philippines and other countries, including emerging market countries, and Germany in Europe and so has a clear-cut criticism QE2, that is in Asia have access to the U.S. President Barack Obama defended the Fed on this issue: "The Fed and my responsibility is to promote economic growth. This is not only good for America, but also beneficial to the global."
It is foreseeable that in the 11,12-day summit in Seoul, Obama also continued to hear complaints on QE2, the United States is destined to become the "siege" of the object.
Chinese challenge
8 in the Chinese Foreign Ministry held a media briefing, Vice Minister of Finance Zhu also stressed that China's second round of the U.S. monetary policy of quantitative easing concern about a question. China will in the G20 summit in Seoul to exchange views frankly with the United States. Zhu also said that the U.S. policy on global financial markets is a shock to the Chinese side hopes that the U.S. macroeconomic policies including the exchange rate can promote the development of world economy, rather than the reverse.
In fact, the Fed announced the implementation of the QE2, the Chinese Vice Foreign Minister Cui 5, says that the U.S. implementation of QE2 caused concern in many countries in the world.
"A country's finance minister said that money to disguise junk currency manipulation." Cui said, including China, all the emerging economies and developing countries are subject to the world's major economies, the impact of macroeconomic policies.
When the U.S. dollar as the status of such an important international currency, if it is the role of international actors and domestic conflict, the international monetary system should reflect the existing problems.
Multi-national attack
German Finance Minister Schäuble as "stupid" and "meaningless" to describe the QE2. "The Fed's quantitative easing policy has weakened the U.S. and European efforts to let the yuan appreciate." Schäuble said, "The U.S. has accused China of manipulating its exchange rate, and now the dollar artificially issuing currency depreciation is inconsistent."
In addition to Germany, the "BRIC" in Brazil and Russia also expressed concern about QE2. The Russian government's chief economic adviser, said Dawa Yanukovich 8, Russian President Dmitry Medvedev will make the summit in Seoul, the Fed should make important decisions in consultation with other countries. Brazil's central bank governor Meireleis believes that quantitative easing to Brazil and other emerging market countries to bring too much liquidity, Brazil at the summit on how to deal with the Federal Reserve to discuss with countries of quantitative easing.
The South African Finance Minister Han criticized Godwin said on the eve of the summit in Seoul, the U.S. unilateral action is disappointing, the United States completely ignored the quantitative easing the impact on other countries, developing countries will be the first to suffer.
At the recent meeting of APEC finance ministers of ASEAN countries have expressed U.S. concerns about loose monetary policy implications. APEC finance ministers said in a statement after the meeting, large capital flows to emerging markets, bringing surge in volatility and the risk of asset prices, countries agreed to avoid the use of currency as a trade weapon, to avoid competing devaluation, the statement also called on countries to strengthen multilateral cooperation, to take measures to address global trade imbalances.
Criticism also came from the European Central Bank. European Central Bank President Jean-Claude Trichet said that all participants in the global central bankers meeting in Basel, Switzerland who will not take all that weak monetary policy. "We will try to avoid excessive fluctuations in foreign exchange." He said, "This is not conducive to global economic growth and stability."
Quantitative easing monetary policy, this round of the United States will certainly be a negative impact on emerging markets, including China, will lead to emerging economies and cause prices of imported goods inflation, this effect will become more apparent in the future; Russia has also stated publicly, the United States QE2 dissatisfied; and British Prime Minister David Cameron at the summit on the eve of high-profile visit to China, but also to the outside world trying to seek consensus forecast position of the two countries.
In fact, the summit has not yet convened, including China, Brazil, South Africa, Russia, the Philippines and other countries, including emerging market countries, and Germany in Europe and so has a clear-cut criticism QE2, that is in Asia have access to the U.S. President Barack Obama defended the Fed on this issue: "The Fed and my responsibility is to promote economic growth. This is not only good for America, but also beneficial to the global."
It is foreseeable that in the 11,12-day summit in Seoul, Obama also continued to hear complaints on QE2, the United States is destined to become the "siege" of the object.
Chinese challenge
8 in the Chinese Foreign Ministry held a media briefing, Vice Minister of Finance Zhu also stressed that China's second round of the U.S. monetary policy of quantitative easing concern about a question. China will in the G20 summit in Seoul to exchange views frankly with the United States. Zhu also said that the U.S. policy on global financial markets is a shock to the Chinese side hopes that the U.S. macroeconomic policies including the exchange rate can promote the development of world economy, rather than the reverse.
In fact, the Fed announced the implementation of the QE2, the Chinese Vice Foreign Minister Cui 5, says that the U.S. implementation of QE2 caused concern in many countries in the world.
When the U.S. dollar as the status of such an important international currency, if it is the role of international actors and domestic conflict, the international monetary system should reflect the existing problems.
Multi-national attack
German Finance Minister Schäuble as "stupid" and "meaningless" to describe the QE2. "The Fed's quantitative easing policy has weakened the U.S. and European efforts to let the yuan appreciate." Schäuble said, "The U.S. has accused China of manipulating its exchange rate, and now the dollar artificially issuing currency depreciation is inconsistent."
In addition to Germany, the "BRIC" in Brazil and Russia also expressed concern about QE2. The Russian government's chief economic adviser, said Dawa Yanukovich 8, Russian President Dmitry Medvedev will make the summit in Seoul, the Fed should make important decisions in consultation with other countries. Brazil's central bank governor Meireleis believes that quantitative easing to Brazil and other emerging market countries to bring too much liquidity, Brazil at the summit on how to deal with the Federal Reserve to discuss with countries of quantitative easing.
The South African Finance Minister Han criticized Godwin said on the eve of the summit in Seoul, the U.S. unilateral action is disappointing, the United States completely ignored the quantitative easing the impact on other countries, developing countries will be the first to suffer.
At the recent meeting of APEC finance ministers of ASEAN countries have expressed U.S. concerns about loose monetary policy implications. APEC finance ministers said in a statement after the meeting, large capital flows to emerging markets, bringing surge in volatility and the risk of asset prices, countries agreed to avoid the use of currency as a trade weapon, to avoid competing devaluation, the statement also called on countries to strengthen multilateral cooperation, to take measures to address global trade imbalances.
Criticism also came from the European Central Bank. European Central Bank President Jean-Claude Trichet said that all participants in the global central bankers meeting in Basel, Switzerland who will not take all that weak monetary policy. "We will try to avoid excessive fluctuations in foreign exchange." He said, "This is not conducive to global economic growth and stability."
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